Agenda item

Consideration was given to the report of the Corporate Director, Resources which informed Members of the completion of the audit of the Pension Fund Accounts and presented the Audit Completion Report for the financial year ended 31 March 2013 (for copy see file of Minutes).

The Auditor had given an unqualified opinion that the financial statements gave a true and fair view of the financial position of the Fund as at 31 March 2013 and that the statements had been prepared properly in accordance with the CIPFA/LASAAC Code of Practice on Local Authority Accounting in the United Kingdom 2012/2013.

The Director of Mazars LLP had spoken highly of the standard of accounts for the Durham Pension Fund.

Paragraph 9 in the report highlighted some areas for review in 2013/2014 which would be addressed during the closing of accounts process.

A general discussion ensued about the net amount of £0.81m allocated to loss on sale of investments which represented differences in trades caused by foreign exchanges and other sundry items. It had not been possible to agree this amount to the custodians report as it was spread over a number of accounts. Members were advised that it was not a ‘material error’ and was a relatively small amount in relation to the size of the Fund, however because of differences in the way figures were presented it would not be feasible to identify in which accounts the amount was located.

Resolved:

That the information given be noted.